Garmin (GRMN) to Release Earnings on Wednesday

Garmin (NYSE:GRMN) is scheduled to release its earnings data before the market opens on Wednesday, October 30th. Analysts expect Garmin to post earnings of $1.45 per share for the quarter. Garmin has set its FY24 guidance at $6.00 EPS and its FY 2024 guidance at 6.000-6.000 EPS.Persons that are interested in participating in the company’s earnings conference call can do so using this link.

Garmin (NYSE:GRMN) last announced its quarterly earnings data on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 EPS for the quarter, beating analysts’ consensus estimates of $1.40 by $0.18. Garmin had a return on equity of 17.09% and a net margin of 24.36%. The company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.42 billion. During the same quarter in the prior year, the firm earned $1.45 EPS. The company’s quarterly revenue was up 14.3% compared to the same quarter last year. On average, analysts expect Garmin to post $6 EPS for the current fiscal year and $7 EPS for the next fiscal year.

Garmin Stock Performance

Shares of NYSE:GRMN opened at $162.30 on Monday. Garmin has a one year low of $99.61 and a one year high of $184.42. The stock has a fifty day moving average of $173.31 and a 200-day moving average of $166.30. The company has a market capitalization of $31.20 billion, a PE ratio of 22.70, a price-to-earnings-growth ratio of 2.81 and a beta of 0.99.

Analysts Set New Price Targets

A number of brokerages have recently commented on GRMN. Morgan Stanley downgraded Garmin from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $155.00 to $138.00 in a research report on Monday, October 7th. Tigress Financial increased their target price on Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a report on Thursday, September 19th. StockNews.com lowered Garmin from a “buy” rating to a “hold” rating in a report on Thursday, September 12th. Finally, Barclays lowered Garmin from an “equal weight” rating to an “underweight” rating and reduced their target price for the company from $181.00 to $133.00 in a report on Friday, September 13th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Garmin presently has a consensus rating of “Hold” and a consensus price target of $158.50.

Insider Buying and Selling

In related news, Director Philip Straub sold 2,750 shares of the stock in a transaction on Friday, August 30th. The stock was sold at an average price of $181.46, for a total transaction of $499,015.00. Following the completion of the sale, the director now directly owns 88,622 shares in the company, valued at approximately $16,081,348.12. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Philip Straub sold 2,750 shares of the stock in a transaction on Friday, August 30th. The stock was sold at an average price of $181.46, for a total transaction of $499,015.00. Following the completion of the sale, the director now directly owns 88,622 shares in the company, valued at approximately $16,081,348.12. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Cheng-Wei Wang sold 10,055 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total value of $1,781,343.80. Following the sale, the insider now owns 40,965 shares of the company’s stock, valued at approximately $7,257,359.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,892 shares of company stock worth $2,296,174. Corporate insiders own 19.54% of the company’s stock.

About Garmin

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices worldwide. Its Fitness segment offers running and multi-sport watches; cycling products; smartwatch devices; scales and monitors; and fitness accessories. This segment also provides Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms where users can track and analyze their fitness, activities and workouts, and wellness data; and Connect IQ, an application development platform.